Altcoin Daily host Aaron Arnold is listing five assets that he believes are primed to take off this August.
First on the trader’s list is the flagship crypto Bitcoin (BTC). Arnold says that Bitcoin is experiencing an extreme supply crunch, which over time will send BTC’s price in one direction.
“You love to see the supply getting low. Well, the price has nowhere to go but up given enough time. To go even further, there is still so much capital on the sidelines sitting in stablecoins because of the BTC/stablecoin supply ratio… This capital is just starting to flow back into the market.
On-chain things are looking bullish. This current wave of Bitcoin supply shock has a lot of momentum behind it.”
Arnold is also bullish on Ethereum (ETH), which he says is experiencing its own supply crunch.
The trader adds that ETH supply on exchanges has dropped by 10 million in the past year and that $14 billion worth of Ethereum is staked on Ethereum 2.0, where it must lie dormant.
Finally, Arnold notes that Coca-Cola Company recently used Ethereum’s network to mint non-fungible tokens (NFTs) as a promotional tactic.
“This is Ethereum’s bull run to lose, in my opinion.”
Arnold also analyzes decentralized exchange Uniswap (UNI). He shares metrics that suggest Uniswap is responsible for bringing in roughly 80% of the 3 million users in the decentralized finance (DeFi) sector. Arnold says that Uniswap’s volume is comparable to the volume of centralized exchanges Kraken and FTX.
The analyst also says that Elrond (EGLD) will have a strong August performance as the scalable blockchain network prepares to launch its Maiar decentralized exchange.
The last asset that Arnold predicts will explode this August is oracle network Chainlink (LINK). According to Arnold, Chainlink is rapidly expanding its integrations and could hit 1,000 integrations by the end of this year.
l
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Maxger
